Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
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